NEW YORK, February 27, 2024 – Proskauer, a leading international law firm, announced today that it advised JANA Partners (“JANA”), an investment firm focused on creating value through shareholder engagement, on its strategic partnership with Cannae Holdings, Inc. (“Cannae”). The partnership will enhance returns for JANA’s investors by expanding its industry operator network and providing an M&A catalyst where it may maximize shareholder value.
The strategic partnership includes a minority equity ownership exchange whereby Cannae received a minority stake in JANA directly from its principals in exchange for 1.85 million shares of Cannae common stock and $18.3 million of cash in lieu of stock to cover transaction-related taxes.
JANA is an investment manager founded in 2001 and led by Executive Chairman and Founder Barry Rosenstein and Managing Partner Scott Ostfeld. JANA has built a reputation over its 23-year history as a leader in engaged investing, driving shareholder value and improving governance at public companies.
The Proskauer team included partner Kelli Moll and associate Cameron Clark (Private Funds) as well as partner John Mahon (Registered Funds); partner Robert Sutton and associates Shummi Chowdhury, Sunghyo Kim and Yuxuan (Shonnie) Sun (Private Funds).
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